South Carolina § 41-43-100 - Industrial development projects.

§ 41-43-100. Industrial development projects.

In addition to other powers vested in the authority by existing laws, the authority has all powers granted the counties and municipalities of this State pursuant to the provisions of Chapter 29, Title 4, including the issuance of bonds by the authority and the refunding of bonds issued under that chapter. The authority may issue bonds pursuant to this section after a public hearing is held as required by federal law to enable interest on such bonds to be excluded from gross income for federal tax purposes. Notice of any required public hearing must be provided to the public and to the clerk of the county council or clerk of the municipal council in the county or municipality in which the project is or will be located at the times and in the manner permitted or required by federal tax law. Additionally, a copy of the public hearing notice must be published by the authority in a newspaper of general circulation in the county in which the project is located before the date of the public hearing, if such public hearing is required by federal law; provided, however, the notice posted by the authority as required by federal law shall control for the purpose of compliance with any federal law and not the notice published in the newspaper where the project is located. The authority may combine for the purposes of a single offering bonds to finance more than one project. The interest rate of bonds issued pursuant to this section is not subject to approval by the South Carolina Coordinating Council for Economic Development.

HISTORY: 1983 Act No. 145 SECTION 11; 1992 Act No. 404, SECTION 4, eff July 1, 1992; 2014 Act No. 121 (S.22), Pt VIII, SECTION 24.A, eff July 1, 2015; 2017 Act No. 80 (H.3927), SECTION 1, eff June 1, 2017; 2019 Act No. 53 (S.621), SECTION 1, eff May 16, 2019.

Effect of Amendment

The 1992 amendment revised this section.

2014 Act No. 121, SECTION 24.A, substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.

2017 Act No. 80, SECTION 1, substituted "not subject to approval by the South Carolina Coordinating Council for Economic Development" for "subject to approval by the State Fiscal Accountability Authority".

2019 Act No. 53, SECTION 1, rewrote the second sentence and inserted the third and fourth sentences, providing for certain notice requirements before bonds may be issued.